Question

Required information [The following information applies to the questions displayed below] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable Accounts Receivable Accumulated Depreciation $ 603 зез 903 303 Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense 203 203 зез 3,203 303 Interest Revenue 103 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Service Revenue 283 se3 103 403 1,se3 2,203 6,209 s03 203 Supplies Supplies Expense Travel Expense 2,603

Answer 1

STARBOOK CORPORATION
Adjusted Trial Balance
As at September 30, 2018
Account title	Debit	Credit
Cash	$        303
Accounts receivable	$        303
Supplies	$        503
Prepaid rent	$        103
Equipment	$     3,203
Accumulated depreciation - Equipment		$        903
Accounts payable		$        603
Deferred revenue		$        203
Notes payable (Short term)		$        503
Notes payable (Long term)		$        203
Common stock		$        203
Retained earnings		$     1,503
Service revenue		$     6,209
Interest revenue		$        103
Travel expense	$     2,603
Salaries and wages expense	$     2,203
Rent expense	$        403
Depreciation expense	$        303
Supplies expense	$        203
Income tax expense	$        303
Total	$   10,433	$   10,433

2. Retained amount of $1,503 will not be reported on balance sheet. retained amount reported on balance sheet will include net income + $1,503.

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